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Components of Reward Strategy

Last post April 15, 2010 10:41 AM by Sharon John. 1 repiles.

December 13, 2006 02:43 AM 1
Total Posts: 27
Join Date: December 6, 2006
Rank: Executive
Post Date: April 15, 2010
Posts: 27
Location: United States

Components of Reward Strategy

The compensation is the most important part of the work profile considering that the primary motivation of the employee is derived from that.

Components of a reward strategy should be a fair combination of :-

1.Direct Financial
Base pay
Incentives
Cash recognition

2.Indirect Financial
Non-cash recognition

3.Identification
Organizational pride
Title, level

4.Work Content
Clear goals
Feedback
Challenge

5.Career Opportunities
Growth
Job security

Any more to add on to the above list are invited from members.

Abhi

April 15, 2010 10:412
Sharon John
Total Posts: 3
Join Date: December 6, 2006
Rank: Beginner
Post Date: April 15, 2010
Points: 15
Location: United States

Re: Components of Reward Strategy

Hi,

A rewards strategy should outline your company's reward philosophy and the strategy that would be employed to align to the philosophy. Typical components included as part of the strategy are:

Strategy on market competitiveness

Strategy on pay positioning

Strategy on retention

Strategy on variable pay